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New Peoples Bank Review

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New Peoples Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations


New Peoples Bank started in 1998 with its headquarters in Honaker, Virginia. New Peoples Bank manages $666 million in assets and $584 million in deposits, classifying it as a medium-size bank. New Peoples Bank has above-average access to customer service with a live chat feature, which is helpful for those that work during typical customer service hours. It is a conventional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. With a score of 4 stars out of 5, New Peoples Bank should be near the middle of the pack in your search for a bank. New Peoples Bank offers a varied choice of product offerings, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're looking for a checking account for everyday use, New Peoples Bank's standard checking account does not carry a monthly maintenance charge. Using an institution with free checking as well as a high interest rate savings account is your best bet for getting the highest income from your deposits while maintaining convenient access to your money.

How We Rated It

SmartAsset's Overall Rating

National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more


SmartAsset Average: 3.5

New Peoples Bank features a savings rate of 0.10%, which is poor as compared against the national average. Its one-year CD earns at a rate of 0.55% and the five-year CD has a rate of 1.45%, while its highest-yielding money market account earns at a rate of 0.20%. Given its noncompetitive savings rate, you should think about taking a look at other banks for savings accounts.

How New Peoples Bank's Savings Rates Compare

New Peoples Bank Savings 0.10 National Average 0.26 Compare Offers
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SmartAsset Average: 4.4

New Peoples Bank charges its customers extremely low fees compared to the national average. With no monthly fee, New Peoples Bank is ideal for people who want a basic checking account. New Peoples Bank unfortunately does not refund out-of-network ATM fees, meaning you will need to find a New Peoples Bank ATM or accept the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee N/A National Average: $35.00
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Service Quality

SmartAsset Average: 3.7

New Peoples Bank is a brick-and-mortar bank, with 24 total branches in Tennessee, Virginia and West Virginia. It also offers access to mobile and web apps for an easy mobile-banking experience. It does not provide access to all-day customer service with actual service representatives. You can get help during its hours, which are Monday through Friday and 7:30 a.m. to 6:00 p.m. ET. Additionally, New Peoples Bank customers can access live chat for help, which may provide helpful service without getting on the phone. New Peoples Bank gets poor feedback from users for its online presence. Out of 190 ratings on both Apple and Android platforms, the New Peoples Bank mobile app rates a 3.3 out of 5 (compared to the national average of 3.8). You can utilize New Peoples Bank's app to control your finances by checking current statements, sending and receiving funds as well as reaching support representatives. New Peoples Bank gets a superb consumer satisfaction score based on comparatively few complaints reported to the Consumer Financial Protection Bureau (CFPB), a government financial agency that protects consumers in the financial sector.

Overall Mobile Rating 3.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

SmartAsset Average: 4.8

New Peoples Bank ranks as a medium-size bank and handles assets totaling $666 million as well as deposits totaling $584 million. Its Texas Ratio is 20.24%, suggesting that New Peoples Bank is in satisfactory financial condition. Additionally, New Peoples Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare New Peoples Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.1% APY $25
Checking Account 0.1% APY $500
Certificates of Deposit
  • 12 Month: 0.55% APY
  • 24 Month: 0.75% APY
  • 36 Month: 1.05% APY
  • 48 Month: 1.25% APY
  • 60 Month: 1.45% APY
$500 for all terms
Money Market Account 0.2% APY $1000

New Peoples Bank has several deposit products like savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. New Peoples Bank does not have the best savings rate, which means you should consider taking a look elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. New Peoples Bank's CD rates are fair as compared against the national average.

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Find a New Peoples Bank Near Me

New Peoples Bank has 24 physical branches across the U.S.

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